RIYADH, Oct 26 (Reuters) – Saudi Arabia’s investment minister said on Sunday that 85% of the kingdom’s Vision 2030 targets were complete or on track as of the end of 2024.
“We’ve made remarkable progress transforming our economy and society,” Saudi Arabia’s minister of investment, Khalid Al-Falih, said at the Fortune Global Forum conference in Riyadh. “As of the end of 24, 85% of our initiatives were completed or are on track with most targets met or exceeded.”
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Offering a rare progress update ahead of the annual Future Investment Initiative conference that begins on Tuesday, Al-Falih didn’t say what specific targets have been met, except for saying that the regional headquarters of 675 companies are now located in the Saudi capital. Urging global companies to move their Middle East head offices to Riyadh has been one element of the 2030 plan.Nevertheless, the multi-billion dollar Vision 2030 program faces delays and recalibrations as the kingdom grapples with economic headwinds and logistical constraints.
The program includes a set of initiatives aimed at diversifying Saudi Arabia’s economy away from oil dependence, modernizing its society, and positioning it as a global investment and tourism hub.
The NEOM megacity project, for example, has faced repeated implementation delays and sources have told Reuters the project has been scaled back as Riyadh prioritises infrastructure projects deemed essential for hosting global sporting events such as the 2034 World Cup.
Reporting by Yousef Saba and Federico Maccioni; writing by Andrew Mills and Ahmed Tolba; Editing by Elaine Hardcastle and David Holmes
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